TES 004 - How to Bring Your Product or Business to Life - a podcast by Mel Abraham

from 2015-01-10T16:57:30

:: ::

In this session we talk about the three phases of business life which is the process I go through when I have to launch a new business or service. They are required to build a business but even before the three phases, get the concept of customer promise. Know how the life of customers will shift and change because of your work, products and services.


Before your customers you must be truly, emotionally and passionately behind your products and services, and only then you will be able to create emotions in your customers, team and vendors.


Now comes the three phases of business life which are:



  1. The Think Up Phase: You choose a design in this phase.

  2. The Get Up Phase: You literally move forward and start the business in this phase.

  3. The Reach Up Phase: The final phase that deals with scaling, growing and building.



Each of these individual phases has three stages to them. If you are able to journal them and follow them as a check list you will be able to raise the probability and level of business success.


1. Three Stages of the Think Up Phase



  • Decide: Make a decision to be an entrepreneur and sell products or services. Know the reason behind it and decide on the things that you are going to do. Be informed about the timeline and obstacles as well.

  • Concept of Ideation: We all have plenty of ideas but we don't know whether they are good or not. If we start on multiple ideas, we never finish them. You can't do it all at once. In this stage we evaluate multiple ideas and think them through.

  • Modelling Process: This is the phase where we begin to create our model. It is about how you will create, capture, package, campaign and deliver value at a holistic level. It shouldn't just be customer centric but it should be modeled around your team, staff, employees, contractors, business owners, investors and yourself as well. Know how to create value for them that is beyond the paychecks.



2. Three Stages of the Get Up Phase



  • Plan: Look at what the markets are, analyze where the sales might come from, the people we need and the financial aspects of what we do. We need to figure out whether the idea is commercially viable.

  • Structure: This is where we think about how to structure the business. Decide on matters like entity selection, risk exposures, asset classification while eliminating or reducing risk exposure. The structure should always integrate with your life vision.

  • Finance: Your business might need assets, real estate and equipment. Know how to finance them and decide on whether or not to bring investors.


 


3. Three Stages of the Reach Up Phase



  • Launch: In this stage you put things in place to accelerate your business in a growth sense or to create growth for your business. 

  • Scale: Make it a personal, professional and a lifestyle decision on whether to raise the ceiling and grow or stay where we are at. If we decide on scaling beyond us, we need to delegate accountability and responsibility.

  • Exit: Every business will have an exit. This is the time where you exit the business and there are a variety of ways to do it.


 


____________________


ABOUT MEL ABRAHAM


Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.


Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.


Meet Mel at http://melabraham.com/


____________________


THE ENTREPRENEUR'S SOLUTION


The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.


Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast


The Entrepreneur's Solution Blog on Tumblr: http://melabraham.tumblr.com/


____________________


SUBSCRIBE AND FOLLOW


Join Mel's FB Fans: https://www.facebook.com/melhabraham


Tweet Mel: http://twitter.com/MelHAb


Instagram: http://instagram.com/legacyentrepreneur


LinkedIn: http://www.linkedin.com/in/melhabraham


 


Website: http://MelAbraham.com

Further episodes of The Affluent Entrepreneur Show

Further podcasts by Mel Abraham

Website of Mel Abraham